S&P cited Illinois lawmakers’ failure to pass a budget and the lengthy budget impasse as reasons for its one-notch credit downgrade. Over the years, Illinois’ state credit rating has been downgraded multiple times due to massive spending and excessive borrowing.

Standard & Poor’s sent Chicago Public Schools’ credit rating deeper into junk territory in the wake of the new $9.5 billion teachers’ contract. The ratings firm said the new contract will make the district’s financial crisis worse.

Illinoisans pay large sums for public education, yet a large portion of the money goes to Illinois’ bloated school district bureaucracy that diverts resources away from the classroom. Through smart, strategic reforms, Illinoisans can better prepare their youth for the future as well as provide property tax relief.